[edit] Defining the class
The Mustang provided the template for the new class of automobiles. Although it was based on the platform of the Falcon, it had a unique body (offered as a hardtop coupé and a convertible) with distinctive, "long hood, short deck" proportions. In basic form it was mechanically mundane, with a 170 cu. in. (2.8L) six-cylinder engine and three-speed manual transmission. It carried an attractive base price of $2,368, and had an extensive option list offering a range of V8 engines, Cruise-O-Matic automatic transmission or four-speed manual, radios, air conditioning, power steering, and other accessories. A V8 Mustang with all available options would cost about 60% more than a basic Six, which made it an extremely profitable model for Ford.
The requirements were therefore set:
Attractive, sporty styling
Affordable base price
Extensive options, including six-cylinder and V8 engines
Aggressive, youth-oriented marketing and advertising.
While most of the pony cars offered more powerful engines and performance packages, enough to qualify some as muscle cars, a substantial number were sold with six-cylinder engines or mundane, "cooking" V8s, with the high-performance models largely limited to drag racing, road racing, or racing homologation purposes.
[edit] Pony car competitors
Despite the immediate success of the Mustang, many (including some within Ford) feared that the bubble would soon burst, and other manufacturers were relatively slow to respond. The first competitor was the Plymouth Barracuda, which actually went on sale on April 1, 1964, about two weeks before the Mustang. The Barracuda was not a direct response to the Mustang, which had not yet debuted (although Chrysler was certainly aware of the upcoming model), but a low-cost way to expand the sporty appeal of the Valiant. Chrysler's precarious financial situation meant that the Barracuda was compromised, with insufficient distinction from the Valiant and styling that drew mixed reactions; its sales were a fraction of the Mustang's. (Some mentioned then if the Barracuda was successful, the term for this class of automobile might have been "fish car," rather than "pony car.")[1] [2] [3] [4]
Initially, General Motors believed that the restyled 1965 Corvair would be an adequate challenger for the Mustang, but when it became clear that the Corvair itself was doomed, the more conventional Chevrolet Camaro was introduced, going on sale for the 1967 model year, at the time the Mustang was entering its second generation. They were presently joined by the Camaro-based Pontiac Firebird, the Mercury Cougar, and, in 1968, the AMC Javelin. Dodge joined the party belatedly with the 1970 Dodge Challenger, an enlarged version of the Barracuda.
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